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Shares Climb to New Records

Updated Jan. 21, 1998 12:34 p.m. ET

MADRID -- Stocks recovered from early losses Wednesday and rose to records for the fourth consecutive session.

The IBEX-35 Index of Spain's most liquid issues added 5 to 7812.14 and the Madrid General Index edged up 1.14 to 683.22. Volume on the Madrid Stock Exchange totaled 142.45 billion pesetas with around 49.51 million shares changing hands.

Telecommunications company Telefonica de Espana shares continued to show strong...